mortgages

"You live there for free, don't you?" asked a woman as she passed by the Buenaventura "corrala", a community in a building in this southern Spanish city occupied since February by families evicted from their homes for falling behind in their mortgage payments due to unemployment.

A new mortgage bill approved by Spain’s lower house of parliament would merely put a bandaid on the plight of people whose homes are being repossessed, and would not guarantee protection for most families facing eviction, activists complain.

Shouting slogans against bank foreclosures, dozens of protesters in this southern Spanish city gathered Wednesday to prevent the eviction of a Moroccan family who couldn’t afford to meet their mortgage payments.

In the wake of the epidemic of home foreclosures, banking scandals and resulting massive financial regulation overhaul two years ago known as the Dodd-Frank legislation, the U.S. government created a new federal agency to protect consumers from being taken advantage of by banks and other institutions.